Question

Dear CK, I just pulled my credit report and am a little confused. My score is 620. I got an A for payment history at 100%. I got an A for credit inquiries with just 1, and an A for Derogatory marks. I got a D FOR UTILIZATION which I have 4 credit cards at 95%. I got an F for Credit History for 1 year 7 months. I have an existing car loan Balance of $15000. I knew my score would be adversely affected by a high utilization rate. My credit history does not reflect the payoff and closing of a $55000 BMW in 2009. I sold my house in 2000 when I got a divorce and have been renting ever since. I know that goes off after 10 years. No landlords have reported my rental history. I was playing with the simulator to see what would happen if I paid down my credi card balances to 30% and my score only went up 22 points. This does not make since to me because I have always paid my bills on time. I When I got my car loan in May 2013 my credit score was 760. I did not have more than 30% on my credit cards though. Why isn't my BMW helping the length of my Credit History?

All Responses

The Age of Accounts calculation is limited to open accounts. Since your BMW loan is paid off, it is not included. This doesn't mean it's not on your credit report - just that the account is no longer open.

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